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In a significant turn of events, Mark Zuckerberg has surpassed Elon Musk to become the third-richest person globally, marking the first time since 2020 that the arch-rival billionaires have held these positions.
The shift in rankings comes as Musk’s wealth has decreased by $48.4 billion this year, attributed to various factors including Tesla’s recent challenges. On the other hand, Zuckerberg’s fortune has grown by $58.9 billion, propelled by the success of Meta Platforms Inc. as its stock climbs to new highs.
Musk, who previously held the top spot on the Bloomberg Billionaires Index, dropped to fourth place after reports of Tesla canceling plans for a more affordable car caused a decline in Tesla’s shares. This news followed earlier reports of a decrease in Tesla’s vehicle deliveries, marking the first year-over-year decline since the early stages of the Covid pandemic.
Zuckerberg’s net worth now stands at $186.9 billion, surpassing Musk’s $180.6 billion. This reversal in their wealth gap, which was as wide as $215 billion in November 2021, underscores the shift in investor sentiment towards big tech companies, particularly those involved in artificial intelligence.
The contrasting fortunes of Tesla and Meta further highlight this trend, with Tesla’s shares falling by 34% this year while Meta has surged by 49%. Meta’s success is attributed to strong quarterly earnings and excitement surrounding its AI initiatives, making it the fifth-best performer on the S&P 500 Index.
Beyond their financial standings, the rivalry between Musk and Zuckerberg extends into the public sphere, with both engaging in a public spat. This rivalry intensified when Meta launched Threads, a social media platform competing with Musk’s ventures. The two billionaires even exchanged jabs about a possible cage fight last year.
However, Musk’s net worth could face further challenges following the rejection of his $55 billion Tesla pay package by a Delaware judge. The Bloomberg Billionaires Index continues to factor in the options from this pay package, which are significant assets for Musk.
At present, Bernard Arnault and Jeff Bezos hold the first two spots on Bloomberg’s wealth ranking with fortunes of $223.4 billion and $207.3 billion, respectively. The evolving dynamics between Musk, Zuckerberg, and other billionaires reflect the ever-changing landscape of global wealth and technology markets.
Sources By Agencies
